40 percent increase in Islamic banking capital in the country during one year

State Bank has established the first Shariah Compliance Center, Deputy Governor (Photo File)

Karachi: Deputy Governor State Bank Samar Hasnain has said that there has been a 40% growth in Islamic banking capital during one year.

Talking to the media on the occasion of the Islamic Banking and Finance Conference at the Institute of Business Management, he said that a 30% increase in reliability growth is also being seen this year. The reason why banks should have sukuk facilities is because the assets must be held within the sukuk. In this regard, there should be such a structure that certain parts have fixed assets.

Referring to a survey, Deputy Governor State Bank said that 90 percent people want to stay and work in Islamic banking. State Bank has established a Shariah Compliance Center for the first time to support people from various sectors. State Bank has sought guidelines from Sharia Courts and court rulings to implement interest-free banking.

On this occasion, Al Baraka Bank CEO Zahid Ahmed said that State Bank is working in a very dynamic manner with regard to Sharia. We have Islamic laws and their answers. President IBM Taleb Karim said that now they are going to start new courses on Islamic accounting level in the Institute of Business Management. Aamir Ali, president of Bank Islami, said that it is commendable for IBM to establish it. The local banking industry will be given full support in this regard.

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